Platinum Industries IPO Oversubscribed 35.38 Times After Day 2

29 Feb 2024 , 12:40 PM

The ₹235.32-Crore Platinum Industries IPO saw significant traction, being subscribed 4.93 times on February 27, the first day of bidding. The price band for the offer, comprising solely a fresh issue of 1.37 Crore shares, was fixed at ₹162-171 per share. Click here to subscribe the IPO.

As of now, the issue has been oversubscribed 35.38 times. The retail portion has received a remarkable subscription rate of 36.09 times, while the non-institutional investor (NII) segment saw bids 77.98 times the shares on offer. The qualified institutional buyer (QIB) portion has been subscribed 2.19 times.

The IPO opened for bidding on Tuesday, February 27, 2024, and will conclude on Thursday, February 29, 2024. Investors can bid for a minimum of 87 equity shares and in multiples thereof.

Platinum Industries intends to utilize the net proceeds from the fresh issue for various purposes. This includes investment in Platinum Stabilizers Egypt for financing its capital expenditure requirements of ₹67.72 Crore to establish the proposed facility in Egypt, funding capital expenditure of ₹71.26 Crore for setting up the proposed facility in Palghar, and addressing working capital requirements amounting to ₹30 Crore. The remaining funds will be allocated towards general corporate expenses.

In anticipation of the IPO, Platinum Industries raised ₹70.59 Crore from anchor investors on Monday, February 26, 2024. The board allotted 41.28 lakh shares at ₹171 each to 7 anchor investors.